The theme of Wrestlemania 40 was it was bringing in a new era for the company. The undertones of the message was that it was doing away with the old regime and bringing in a new one. With this, on Monday Vince McMahon sold more stock of TKO and Endeavor.
Notably, on night 2 of Wrestlemania 40, Stephanie McMahon opened the show to say that she was proud to say it was the first show under the Paul “HHH” Levesque era. This is a way of distancing itself from Vince McMahon.
Sportico reports that McMahon sold “about $310 million” of his shares to Endeavor. TKO is purchasing 1,853,724 shares of common stock of TKO for $89.01 which is a discount from its close on Friday of $92.51. TKO is paying McMahon $165 million for the shares. Per Sportico, it is retiring the shares so that it will not be redistributed and lowers the share count. Endeavor purchased 1,642,970 shares of common stock of TKO from McMahon for $89.01 for $146.2 million.
The sale is two different transactions. One with TKO and one with Endeavor.
McMahon still holds 11.5 million shares of TKO worth about $1.06 billion. McMahon has been liquidating his stock holdings as he sold $411 million in TKO stock and $700 million in November. A part of this may be due to the bombshell lawsuit filed by Janel Grant which accuses him of sexual misconduct and trafficking. McMahon denies the lawsuit but has yet to file an official response to Grant. McMahon is likely getting ready to pay hefty legal fees and/or a settlement in the latest court battle.
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